Only one thing you need to be a successful trader!
Unfortunately, most people will not get it!
By Markets Chimp
9/28/18 8:56 PM
Ramy Rashad, CMT
If you are a trader or trying to be, I will tell you an advice that seems silly from the first glance but it's really not!
STOP learning trading techniques, technical analysis, and/or fundamental analysis and devote this time to develop your trading psychology!
Teach yourself how to be flexible, how to stop blaming yourself or others, how to forget the good before the bad trade, and how to stop fighting with the monster (Mr. Market) because the monster will test your psychology every second and if he smells a weakness, he will smash you mercilessly!
Teach yourself how to be a disciplined person, how to always have a clear and focused mindset, and how to get rid completely of the natural human feelings (fear, greed, sadness, happiness, and worry)!
Teach yourself that the losing trade and the winning trade should have zero effect on you, and on your next trade!
Teach yourself that it’s a zero-sum game; one trader is winning and the other is losing, so prepare yourself because you will lose big time before you are able to get back to the game!
The market is tough, but it never lies! Teach yourself to be always neutral to be able to receive the truth and decide objectively!
Trading is one of the difficult professions in the world, and it's not for everyone because simply it's really hard to abandon all the natural human feelings, but when you can, congratulations! You will be a successful trader, then you can trade for a living!
It's all about psychology; it's responsible for 80% of your success, and if you don't have a trader's mind set, you will be a loser even if you have a degree from the greatest business school in the world! Education is a must, but it doesn’t work with weak psychology! Develop your trading psychology first then.